The shares of the engineering and technology solutions provider gained up to 1.3 percent after the HDFC mutual fund bought an additional stake in the company worth Rs 204.1 crore.
With a market capitalization of Rs 19,805.28 crore, the shares of Cyient Limited were trading at Rs 1,802.85 per share, increasing around 0.43 percent as compared to the previous closing price of Rs 1,794.30 apiece.
As of March 2024, HDFC mutual fund holds 11,92,951 equity shares which are equivalent to 1.08 percent of the company, However, on May 2, 2024, HDFC mutual fund bought an additional 11,33,893 equity shares, equivalent to 1 percent of paid-up equity at an average price of Rs 1,800 per share, valuing it at Rs 204.1 crore.
Looking into Cyient Ltd’s performance, revenue increased by 6 percent from Rs 1,751 crore in Q4FY23 to Rs 1,861 Crore in Q4FY24. During the same time frame, net profit increased by 21 percent from Rs 163 crore to Rs 197 crore.
As of Q4FY2024, the business has formed a strategic relationship with Deutsche Aircraft, a German OEM, to work on the detailed design for manufacturing (DFM) of the rear fuselage section for the 40-seater D328eco small turboprop aircraft.
Cyient partners with over 300 customers, including 40% of the top 100 global innovators, to deliver intelligent engineering and technology solutions for creating a digital, autonomous, and sustainable future. The full-year Order Intake of US$ 902 Mn translates to 15% growth YoY with contributions from our key large units such as Sustainability, Transport, and Connectivity.
In the company’s recent shareholding pattern, promoters own 23.17 percent while Retail shareholders own a 19.00 percent stake in the company, and Foreign Institutional Investors own a 31.04 percent stake.
Cyient (previously Infotech Enterprises Limited) is an Indian multinational technology business that specializes in engineering, manufacturing, data analytics, networks, and operations. Infotech Enterprises Ltd. was formed in Hyderabad in 1991.
Written by:- Abhishek Singh
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